Fidelity Investments has created a credit card in partnership with American Express that allows customers to transfer rewards from retail purchases to their individual retirement accounts.

Similar to the way some cards accrue frequent flier miles, Fidelity’s card allows investors to earn two cents for each dollar spent on retail purchases and roll these rewards into a Fidelity IRA account, after they spend at least $2,500.

“With 90% of Fidelity retail customers already using some form of rewards program on their primary credit card, the new Fidelity Retirement Rewards Card allows card members to spend in a much smarter way by using their rewards to fund their retirement accounts,” said Carolyn Clancy, Fidelity executive vice president. “This is one of the many ways that Fidelity is helping investors gain more control of their overall financial situation.”

Once an investor maxes out their IRA contribution for the year, they can redeem their rewards in a different Fidelity account or redeem them for travel, merchandise or other rewards, Fidelity said.

“By combining the Fidelity Retirement Rewards Card with the tax-advantaged benefits of the Fidelity IRA, we are giving investors an easy way to continue to save for retirement in the midst of a challenging market,” Clancy said.

The Fidelity cards will be available this Wednesday.

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